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October 28, 2022

Rig Counts declined last week!

Baker Hughes reports U.S. rig count down 3 to 768 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week to 768 with oil rigs down 2 to 610, gas rigs down 1 to 156 and miscellaneous rigs unchanged at 2.

The U.S. Rig Count is up 224 rigs from last year’s count of 544 with oil rigs up 166, gas rigs up 56 and miscellaneous up 2.

The international offshore rig count for April 2018 was 194. Stockwinners

The U.S. Offshore Rig Count is down 1 to 14, up 1 year-over-year.

The Canada Rig Count is up 2 from last week to 212, with oil rigs up 1 to 145, gas rigs up 1 to 67.

The Canada Rig Count is up 46 rigs from last year’s count of 166, with oil rigs up 47, gas rigs down 1.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

The Company has issued the rig counts as a service to the petroleum industry since 1944, when Hughes Tool Company began weekly counts of the U.S. and Canadian drilling activity. The monthly international rig count was initiated in 1975.

West Texas Intermediate (WTI) is down $1.18 to $87.84 per barrel (down from a high of $123.70). Brent crude is down $1.27 to $93.77 per barre (down from a high of $127.98). Gasoline last traded at $2.564 per gallon (down from a high of $4.31 per gallon).

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This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

August 5, 2022

Rig Counts decline as oil retreats!

Baker Hughes reports U.S. rig count down 3 to 764 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 3 from last week to 764 with oil rigs down 7 to 598, gas rigs up 4 to 161 and miscellaneous rigs unchanged at 5.

U.S. Rig Count is up 273 rigs from last year’s count of 491 with oil rigs up 211, gas rigs up 58 and miscellaneous rigs up 4.

The U.S. Offshore Rig Count is down 1 to 16, up 2 year-over-year.

The Canada Rig Count is down 1 from last week to 203, with oil rigs up 3 to 140, gas rigs down 4 to 63.

The Canada Rig Count is up 47 rigs from last year’s count of 156, with oil rigs up 45, gas rigs up 3 and miscellaneous rigs down 1.

The Canada Rig Count is up 28 rigs from last year’s count of 126, with oil rigs up 22, gas rigs up 6.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up 72 cents to $89.24 per barrel (down from a high of $123.70). Brent crude is up $0.90 to $95.04 per barre (down from a high of $127.98). Gasoline last traded at $2.869 per gallon (down from a high of $4.31 per gallon).

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March 4, 2022

Rig Counts Unchanged as Crude Soars

Baker Hughes reports U.S. rig count unchanged at 650 rigs

Baker Hughes (BKR) reports the U.S. rig count is unchanged from last week at 650, with oil rigs down 3 to 519, gas up 3 to 130, and miscellaneous rigs unchanged at 1.

The U.S. rig count is up 247 rigs from last year’s count of 403 with oil rigs up 209 gas rigs up 38 and miscellaneous unchanged at 1.

The U.S. offshore rig count is unchanged at 12, down 2 year-over-year.

Canada Oil Rig Count is at a current level of 134, down from 138 last week and up from 92 one year ago. This is a change of -2.90% from last week and 45.65% from one year ago.

Goldman Sachs

Meanwhile, Goldman Sachs raised it’s target price on the West Texas Intermediate (WTI) to $150 per barrel by this Summer as pressure builds up to sanction Russian crude oil imports.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $7.71 to $115.39 per barrel. Brent crude is up $7.36 to $117.92 per barrel. Gasoline last traded at $3.524 per gallon up 24.1 cents on the day. Get ready to pay substantially more at the pump.

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March 2, 2022

Rate Hikes are Coming!

Fed Chair confirmed a 25 bp rate hike this month

Fed’s Beige Book was released a few minutes ago. The report reiterated the economy expanded at a “modest to moderate” pace. Many Districts reported that the surge in Covid cases and severe winter weather disrupted businesses. Some firms noted a “temporary” weakening in demand in the hospitality sector to Covid.

The Beige Book reports an expanding economy

“All Districts” said supply chain issues and low inventories continued to restrain growth, especially in construction.

The overall outlook for the next 6 months remained one of stable and general optimism, though with elevated uncertainty.

Powell, FOMC Chair, Stockwinners — Fed Chief Jerome Powell

For the labor market, the widespread strong demand for labor was hampered by “equally widespread reports of worker scarcity.”

Meanwhile, Fed Chair Powell’s testified before the Congress today. He confirmed a 25 basis points rate hike is in the cards for the March 15-16 meeting.

FOMC as policymakers look to address “indisputably” high inflation pressures. He also suggested more aggressive increases could be warranted down the road. Powell said liquidity has been functional thanks to a number of measures and facilities put in place, including swap lines and the standing repo facility.

The Fed has “institutionalized liquidity provisions” — hence the geopolitical pressures have not added stresses in the funding markets.

The markets are sharply higher across all sectors.

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February 25, 2022

Rig Counts Rise as Oil Tops Out!

Baker Hughes reports U.S. rig count up 5 to 650 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 650 with oil rigs up 2 to 522, gas up 3 to 127, and miscellaneous rigs unchanged at 1.

U.S. Rig Count is up 248 rigs from last year’s count of 402 with oil rigs up 213 gas rigs up 35 and miscellaneous unchanged at 1.

The U.S. Offshore Rig Count is unchanged at 12, down 5 year-over-year.

The Canada Rig Count is up 4 from last week to 224, with oil rigs up 3 to 138, gas rigs unchanged at 85 and miscellaneous up 1 to 1.

The Canada Rig Count is up 61 rigs from last year’s count of 163, with oil rigs up 46, gas rigs up 14 and miscellaneous up 1.

Oil Tops Out

WTI Crude oil rallied to above $105 per barrel on news of invasion of Ukraine. In a classical top out price behavior, shares hit a multi-year higher then reversed intraday and closed lower. Today, the decline is continuing as price gap between Brent and WTI is closing. Furthermore FOMC is going to raise interest rates which means a stronger dollar, and lower commodity prices as they are denominated in dollar. OPEC+ is meeting next week to consider production quotas.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

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West Texas Intermediate (WTI) is down $1.45 to $91.35 per barrel. Brent crude is down $1.54 to $93.85 per barrel. Gasoline last traded at $2.870 per gallon down 5 cents on the day.

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February 18, 2022

Rig Counts Surge!

Baker Hughes reports U.S. rig count up 10 to 645 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 10 from last week to 645 with oil rigs up 4 to 520, gas up 6 to 124, and miscellaneous rigs unchanged at 1.

Oil Rigs, See Stockwinners.com Market Radar to read the latest on oil and rig count

The U.S. Rig Count is up 248 rigs from last year’s count of 397 with oil rigs up 215 gas rigs up 33 and miscellaneous unchanged at 1.

The U.S. Offshore Rig Count is down 4 to 12, down 4 year-over-year.

The Canada Rig Count is up 1 from last week to 220, with oil rigs down 2 to 135, gas rigs up 3 to 85.

The Canada Rig Count is up 48 rigs from last year’s count of 172, with oil rigs up 35, gas rigs up 13.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is down 43 cents to $91.35 per barrel. Brent crude is up 31 cents to $93.25 per barrel. Gasoline last traded at $2.659 per gallon up a penny on the day. Get ready to pay more at the pump.

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December 23, 2021

Rig Counts Continue to Rise

Baker Hughes reports U.S. rig count up 7 to 586 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 7 from last week to 586 with oil rigs up 5 to 480, gas up 2 to 106, and miscellaneous rigs unchanged at 0.

The U.S. Rig Count is up 238 rigs from last year’s count of 348, with oil rigs up 216 gas rigs up 23 and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is unchanged at 15, down 2 year-over-year.

The Canada Rig Count is down 34 from last week to 133, with oil rigs down 20 to 84, gas rigs down 13 to 49 and miscellaneous rig down 1 to 0.

The Canada Rig Count is up 51 rigs from last year’s count of 82, with oil rigs up 53, gas rigs down 2 and miscellaneous rigs unchanged.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $1.07 to $73.83 per barrel. Brent crude is up $1.38 to $76.66 per barrel. Gasoline last traded at $2.211 per gallon up 4.6 cents on the day.

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December 10, 2021

Rig Counts Jump!

Baker Hughes reports U.S. rig count up 7 to 576 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 7 from last week to 576 with oil rigs up 4 to 471, gas up 3 to 105, and miscellaneous rigs unchanged at 0.

The U.S. Rig Count is up 238 rigs from last year’s count of 338, with oil rigs up 213 gas rigs up 26 and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is up 1 to 14, up 1 year-over-year.

The Canada Rig Count is down 3 from last week to 177, with oil rigs down 3 to 110, gas rigs unchanged at 67.

The Canada Rig Count is up 66 rigs from last year’s count of 111, with oil rigs up 58, gas rigs up 8.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $1.01 to $71.95 per barrel. Brent crude is up $0.95 to $75.35 per barrel. Gasoline last traded at $2.142 per gallon up 1.4 cents on the day.

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October 26, 2021

Hydrogen Fuel Cell Gets a boost from S. Korea

SK Ecoplant to invest $500M in Bloom Energy through expanded partnership

Bloom Energy (BE) and SK Ecoplant, an affiliate of South Korean conglomerate SK Group (SKM), announced the companies are expanding their existing partnership.

The partnership includes purchasing a minimum of 500 megawatts, or MW, from Bloom Energy, representing a $4.5B revenue commitment; co-creating two hydrogen innovation centers; and targeting an equity investment of approximately $500M.

Since the start of their strategic partnership three years ago, Bloom Energy and SK ecoplant have transacted nearly 200 MW of projects together totaling more than $1.8B of equipment and expected service revenue.

Over the next three years the companies will expand this existing business with contracts for at least an additional 500 MW of power between 2022 and 2025, representing approximately $4.5B in equipment and future service revenue.

Bloom Energy and SK ecoplant agreed to create Hydrogen Innovation Centers in the United States and South Korea.

The intent is to accelerate the global market expansion for Bloom Energy’s hydrogen fuel cell and hydrogen electrolyzer products.

The agreement also reflects both Bloom Energy and SK ecoplant’s enhanced commitment to a zero-carbon future and the further implementation of environmental, social and governance practices.

In addition, Bloom Energy and SK ecoplant agreed to strengthen their alliance through expanding business cooperation in global markets, which may include exclusive distribution rights in select new markets.

SK ecoplant will invest $255M in Bloom Energy by acquiring 10M shares of zero coupon, non-voting redeemable convertible preferred stock at a price of $25.50 per share.

SK ecoplant has the option to acquire a minimum of an additional 11M shares of Class A common stock at a 15% premium to the prevailing stock price at the time, which must be no later than November 30, 2023 and is subject to a maximum ownership of 15%.

Upon completion of SK ecoplant’s purchase of its second tranche, SK ecoplant will add a member to the Bloom Energy board of directors. SK will give an irrevocable proxy to vote its shares to Bloom Energy.

The investment is subject to customary closing conditions and regulatory approvals and is expected to close within 45 days.

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September 10, 2021

Rig Counts Continue to Rise!

Baker Hughes reports U.S. rig count up 6 to 503 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 6 from last week to 503 with oil rigs up 7 to 401, gas rigs down 1 to 101, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is up 249 rigs from last year’s count of 254, with oil rigs up 221 gas rigs up 30 and miscellaneous rigs down 2 to 1.

The U.S. Offshore Rig Count is up 4 to 6, down 9 year-over-year.

The Canada Rig Count is down 9 from last week to 143, with oil rigs down 5 to 87, gas rigs down 4 to 56.

The Canada Rig Count is up 91 rigs from last year’s count of 52, with oil rigs up 68, gas rigs up 23.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $1.61 to $69.75 per barrel. Brent crude is up $1.51 to $72.96 per barrel. Gasoline last traded at $2.15 per gallon up 5.3 cents on the day.

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August 6, 2021

Rig Counts Rise!

Baker Hughes reports U.S. rig count up 3 to 491 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 3 from last week to 491 with oil rigs up 2 to 387, gas rigs unchanged at 103, and miscellaneous rigs up 1 to 1.

The U.S. Rig Count is up 244 rigs from last year’s count of 247, with oil rigs up 211 gas rigs up 34 and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is unchanged at 14, up 2 year-over-year.

The Canada Rig Count is up 3 from last week to 156, with oil rigs up 2 to 95, gas rigs up 1 to 60 and miscellaneous unchanged at 1.

The Canada Rig Count is up 109 rigs from last year’s count of 47, with oil rigs up 82, gas rigs up 26 and miscellaneous unchanged 1.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is down 54 cents to $68.55 per barrel. Brent crude is down $0.51 to $70.96 per barrel. Gasoline last traded at $2.28 per gallon down 2 cents on the day and down 10 cents for the week.

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July 30, 2021

Rig Counts Decline!

Baker Hughes reports U.S. rig count down 3 to 488 rigs

Baker Hughes (BKR) reports the U.S. rig count is down 3 from last week to 488, with oil rigs down 2 to 385, gas rigs down 1 to 103, and miscellaneous rigs unchanged at 0.

The U.S. rig count is up 237 rigs from last year’s count of 251, with oil rigs up 205 gas rigs up 34 and miscellaneous rigs down 2.

The U.S. offshore rig count is down 3 to 14, up 2 year-over-year.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up 54 cents to $74.17 per barrel. Brent crude is up $0.51 to $75.61 per barrel. Gasoline last traded at $2.34 per gallon up 2 cents on the day.

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May 28, 2021

Rig Counts Continue to Rise!

Baker Hughes reports U.S. rig count up 2 to 457 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 2 from last week to 457 with oil rigs up 3 to 359, gas rigs down 1 to 98, and miscellaneous rigs unchanged at 0.

U.S. Rig Count is up 156 rigs from last year’s count of 301, with oil rigs up 137 gas rigs up 21 and miscellaneous rigs down 2.

The U.S. Offshore Rig Count is unchanged at 14, up 2 year-over-year.

The Canada Rig Count is up 4 from last week to 62, with oil rigs up 3 to 28, gas rigs up 1 to 34.

The Canada Rig Count is up 42 rigs from last year’s count of 20, with oil rigs up 21, gas rigs up 21.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up a penny to $66.86 per barrel. Brent crude is up $0.14 to $69.34 per barrel. Gasoline last traded at $2.17 per gallon up a penny.

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May 14, 2021

Rig counts rise!

Baker Hughes reports U.S. rig count up 5 to 453 rigs

Baker Hughes (BKR) reports that the U.S. rig count is up 5 from last week to 453 with oil rigs up 8 to 352, gas rigs down 3 to 100, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is up 114 rigs from last year’s count of 339, with oil rigs up 94 gas rigs up 21 and miscellaneous rigs down 1 to 1.

The U.S. Offshore Rig Count is up 2 to 15, up 3 year-over-year.

The Canada Rig Count is up 4 from last week to 59, with oil rigs up 3 to 25, gas rigs up 1 to 34.

The Canada Rig Count is up 36 rigs from last year’s count of 23, with oil rigs up 18, gas rigs up 18.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $1.45 to $65.26 per barrel. Brent crude is up $1.54 to $68.60 per barrel. Gasoline last traded at $2.12 per gallon up 3 cents.

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April 23, 2021

Rig Counts Decline!

Baker Hughes reports U.S. rig count down 1 to 438 rigs

Baker Hughes (BKR) reports that the U.S. rig count is down 1 from last week at 438 with oil rigs down 1 to 343, gas rigs unchanged at 94, and miscellaneous rigs unchanged at 1.

The U.S. Rig Count is down 27 rigs from last year’s count of 465, with oil rigs down 35, gas rigs up 9 and miscellaneous rigs down 1.

The U.S. Offshore Rig Count is down 1 to 11, down 6 year-over-year.

The Canada Rig Count is down 1 from last week to 55, with oil rigs unchanged at 17, gas rigs down 1 to 38.

The Canada Rig Count is up 29 rigs from last year’s count of 26, with oil rigs up 9, gas rigs up 20.

The Baker Hughes rig counts are counts of the number of drilling rigs actively exploring for or developing oil or natural gas in the U.S., Canada and international markets.

West Texas Intermediate (WTI) is up $0.45 to $61.88 per barrel. Brent crude is up $0.44 to $65.850 per barrel. Gasoline last traded at $1.99 per gallon.

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